Last week, the Ministry of Treasury and Finance released its annual report for 2022. The report revealed that the majority of suspicious transaction reports are sent by banks, payment and electronic money institutions, and crypto asset service providers that provide Bitcoin and altcoin trading. Here are the details… Bitcoin (BTC) price and detailed market data from here you can see.
Bitcoin and altcoin exchanges report suspicious transactions
While MASAK received 439,815 notifications about 482,120 people in 2022, 425,322 of them were suspicious transaction notifications. Many of these reports were suspected of crimes such as tax evasion, illegal betting and gambling. Of the 340 obliged parties who sent suspicious transaction reports to MASAK, 264 were individuals or institutions considered as financial institutions. According to the definition in the Official Gazette, crypto asset service providers are platforms that mediate the buying and selling of crypto assets through electronic trading platforms.
Suspicious transaction is defined as a situation where there is a suspicion that the assets subject to the transaction are illegally obtained, used for illegal purposes, used in terrorist acts or used by terrorist organizations, terrorists, terrorists and those who finance terrorism. In such cases, obliged parties such as banks, capital market intermediary institutions, insurance, reinsurance and pension companies must notify MASAK within ten business days from the date of the transaction. Compliance officers in these companies should make the notification.
If suspicious transactions are not reported, there is a fine or imprisonment.
Crypto asset service providers are obliged to report suspicious transactions to MASAK since April 18, 2022. Cryptocurrency exchanges are required to report suspicious transactions on their platforms within ten business days. There is no monetary limit for suspicious transaction notifications, and these transactions can be reported directly to MASAK or sent via mail or online via the EMİS Online system.
Cryptocurrency platforms violating MASAK legislation may be subject to administrative fines or imprisonment. While the administrative fine for a single violation varies between 30,000 and 50,000 TL, the upper limit of the administrative fine is 4 million TL. Platforms are obliged to report information such as name, surname and TR ID number of the account that performed the suspicious transaction to MASAK.
Cryptocurrencies cannot be used as a means of payment.
Moreover cryptocoin.com As we have also reported, the Central Bank of the Republic of Turkey has also made a provision that cryptocurrencies cannot be used as a means of payment. According to the regulation in the Official Gazette dated April 16, 2021 and numbered 31456, the prohibition of the use of crypto assets in payments, the provision of payment services and the issuance of electronic money, and the intermediation of payment and electronic money institutions from platforms that provide trading, storage, transfer or issue services for crypto assets. The principles and procedures regarding the prohibition were determined.
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